Topps Tiles blames political uncertainty for sales slump January 8, 2020 Topps Tiles’ sales sank in the final quarter of last year, which the firm blamed on political and economic uncertainty in the run up to the General Election. Like-for-like retail revenue dropped 5.4 per cent in the 13 weeks to 28 December. Read more: Topps Tiles chief executive quits after 12 years In the first [...]
Shoe Zone profit slumps after £3m hit on property valuation January 8, 2020 Budget footwear retailer Shoezone suffered a slump in profit last year after it was forced to take a £2.9m hit on the value of 17 properties. The figures Statutory profit before tax dropped from £9.6m to £6.7m after the company reported a £2.9m writedown on the value of 17 freehold properties. Read more: Retail landscape [...]
Poundland owner lines up advisors for stock market listing January 7, 2020 The owner of Poundland is reportedly mulling a stock market listing that could value the discount retailer at about £3.4bn. Steinhoff International Holdings, the owner of Poundland’s parent company Pepco Group, is expected to appoint advisors in the next few days to support plans for an initial public offering (IPO), Sky News reported. Read more: [...]
Hobbs returns to profit as retailer opens new concession stores January 7, 2020 Fashion retailer Hobbs returned to profit last year despite a “challenging retail environment” as the firm ramped up its concession store expansion plan. The womenswear brand reported a profit after tax of £4.9m compared to a loss of £4.8m the previous year when it was hit with costs related to its 2017 sale to TFG [...]
Christmas supermarket sales growth slows to four-year low January 7, 2020 Supermarket sales growth over the Christmas period slowed to the lowest rate in four years as shoppers watched their budgets over the festive period. Retailers reported sales of £29.3bn, up £50m on last year, however growth slumped to the lowest rate since 2015. Read more: Morrisons sales fall in ‘unusually challenging Christmas period’ Year-on-year supermarket [...]
Morrisons sales fall in ‘unusually challenging’ Christmas period January 7, 2020 Supermarket giant Morrisons has announced a drop in sales for the Christmas period amid “unusually challenging” trading conditions and “sustained” customer uncertainty. Group like-for-like sales excluding fuel fell 1.7 per cent for the 22 weeks to 5 January. Including fuel, the drop was 2.8 per cent. Total sales excluding fuel were down 1.3 per cent, [...]
Alton Towers-owner Merlin Entertainments searches for new chair January 6, 2020 The owner of Alton Towers has launched a hunt for a new chairman two months after it was taken private in a £6bn deal. Merlin Entertainments has appointed headhunter Spencer Stuart to recruit a successor to its long serving chair Sir John Sunderland, Sky News reported. Read more: Legoland owner Merlin Entertainments secures takeover offer [...]
L’Oreal set to be White City highlight after London move January 6, 2020 Hair and beauty behemoth L’Oreal will move its 1,000 London staff into a mammoth new base in White City, near the former BBC headquarters. The French firm, whose UK employees work out of Hammersmith, will move into a new building at the White City Place development in autumn 2023, when its current lease runs out. [...]
Retail park sold in £50m deal for online warehousing space January 6, 2020 A retail park owned by M&G’s shuttered property fund has been bought for more than £50m to be converted into warehouses. The deal indicates the growing dominance of online retail which requires large amounts of warehouse space to service customers. The 128,000 sq ft Ravenside retail park in Edmonton north London was reportedly acquired by [...]
Chilango CVA: Creditors back rescue plan for struggling burrito chain January 6, 2020 Chilango’s creditors and shareholders have backed a rescue package to keep the struggling Mexican restaurant chain afloat, paving the way for the company to slash rents and exit some leases. Chilango launched a company voluntary arrangement (CVA) in early December, which was first reported by City A.M., in a bid to avoid administration. Read more: [...]